The global workforce management software market has a positive outlook and is expected to grow at a significant CAGR during the forecast period (2017-2022). Workforce management software can be used in a company to manage various human resource functions such as time and attendance, work analytics, performance management, and work scheduling. Lower cost of deployment, unlimited storage capacity, and remote access are few major benefits offered by the software. Rising demand for cloud-based software can fuel market growth during the forecast period.
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Growing demand for workforce management and reduced labor expenses are the major factors that can drive this market in coming years. The cloud-based automated software for offices can help in calculating employee salary with less number of errors and in reduced time. Such benefits can attract companies to implement the software, which is likely to benefit the market.
To improve workforce management system and HR operations, majority of the companies are planning to integrate an automated management system. Even small and medium enterprises are focusing on maximum revenue generation through workforce forecasting and scheduling. This growing focus on productivity and support from industrial regulations will result in the surging need for advanced ERP solutions.
Considering the demand for advanced software, most manufacturing companies are investing in R&D and collaborations. For instance, Nice Software recently announced that it acquired Workflex Solutions to expand its workforce engagement system. Workflex has designed a workforce management system that can improve employee performance and enhance administrative and scheduling capabilities for the management. For this reason, NICE is going to integrate with its current workforce management system and deliver a full-featured software to BPO firms and other enterprises.
Due to lack of awareness about workforce management software, most companies are still following conventional methods to manage their workforce. Such unawareness can hinder the growth of the market in coming years. Issues related to data security and privacy concerns can also hamper the growth of this market. In addition, basic implementation issues with the software can obstruct market growth during the forecast period. Nevertheless, increasing adoption of digital HR solutions is likely to brighten the future of the market.
The workforce management software market can be segmented on the basis of type, application, and region. By type, the market can be bifurcated into on-premise deployment and SaaS deployment. Based on application, the workforce management software market can be divided into various segments such as 5000 employees.
Regional segmentation includes United States, Europe, and Asia Pacific (APAC). In the global arena, North America is likely to dominate the market owing to maximum number of companies opting for workforce management software. The number is likely to increase during the forecast period, which can propel market growth. Europe is also expecting improved market share during the forecast period owing to focus of European companies on business performance and adoption of ERP solutions. APAC workforce management software market is anticipated to grab a remarkable market share in future due to increasing number of small and medium enterprises and improving work dynamics.
Key players operating in workforce management software market include Oracle Corporation; Kronos, Inc.; SAP SE; IBM Corporation; and Infor Incorporation.
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